Procurement’s ability to successfully execute stakeholder management best practices is critical for aligning their efforts with overall business objectives and getting buy-in from stakeholders. Procurement first needs to reference a stakeholder map to identify the key influencers, decision makers, and procurement advocates across the organization. By establishing consistent, productive, and transparent communications with those stakeholders, procurement keeps them engaged, informed, and more likely to support procurement’s strategic role and recommendations.
Successful stakeholder management requires procurement to personalize their communication style and tailor their approach to different stakeholder groups, translating procurement’s value in ways that resonate with each audience. By leveraging technology to track, manage, and measure engagement, procurement can position themselves as a highly valuable and effective resource for value creation within the organization.
